Ethereum exploded with force, with damage resistance of $1,850, soaring to $2,490 in just a few hours, marking an astonishing 37% increase. After months of lateral price action and bearish feelings, ETH has re-entered the focus with a bullish momentum, bringing hope for the long-awaited Altseason.
This breakthrough not only represents the power of Ethereum, but may also be a spark that sparks the wider rally in altcoins, many of whom have been lagging behind Bitcoin. As ETH now retracts key levels and exceeds the short term, investors and traders begin to convert capital into high-potential altcoins.
Crypto analyst Quinten Francois added excitement by sharing a chart on X, suggesting that ETH/BTC’s downward years parabola is now breaking. This technological development shows that Ethereum has performed poorly against Bitcoin for years, a strong signal to incoming alternative rally.
As ETH’s growth momentum and the ETH/BTC ratio begin to shift, market sentiment is decisively bullish, not only Ethereum, but also for the entire Altcoin landscape. Breakthrough may have just begun something bigger.
Ethereum breaks multiple supply levels and tests key resistance
ETH is now stabilizing as the Bulls receive $2,500 in support after an explosive rally that puts Ethereum above key resistance to $1,850 and has a maximum of $2,490. This level soon becomes a key demand area, and the defense over the weekend can determine whether Ethereum will continue its momentum or retreat to consolidate. As Bitcoin hovers at its all-time highest level, the spotlight has shifted to altcoins, and Ethereum is leading.
ETH seems to have formed a strong bullish structure for the first time after months of ruthless sales pressure and bearish sentiment. As technology and fundamentals begin to be consistent, the recent surge in prices marks a significant change in the tone of the market. It is worth noting that Francois noted that since December 2021, the long-term ETH/BTC downward parabola has finally broken the event, which has historically been the main Altcoin rally.
Ethereum’s upcoming Pectra update is designed to increase efficiency, optimize infrastructure and simplify network upgrades. This development is restoring investor confidence and positioning ETH as the leader in the next market stage.
If Ethereum keeps its ground at the $2500 level and Bitcoin continues to consolidate near its highs, then Ethereum can initiate a new bullish phase of conditions. Traders will closely monitor ETH’s performance over the weekend, as the continued strength may indicate a strong playoff start. With structural resistance rupture, macro sentiment shifting and basic escalation, Ethereum may eventually be ready to lead the market into the next leg.
ETH price breakthrough: purchasing pressure setting direction
Ethereum’s recent price action shows a dramatic breakthrough, with ETH soaring from about $1,800 to a maximum of $2,352 in just a few meetings. This 4-hour chart emphasizes the strength of the move, with the increase in volume and steep bullish candle structure, apparently exceeding the 200-day SMA and EMA, currently at $1,716 and $1,821, respectively. These moving averages now act as a strong dynamic support zone.
Prices are currently being consolidated to over $2,340, indicating that the Bulls hold earnings and are trying to form a basis above this psychological level. This pause could allow Ethereum to build momentum toward the next resistance towards around $2,500, which coincides with the previous local highs in early January.
Importantly, this breakthrough occurs after lateral movement and long-term downward trends. The steep slope moving upwards reflects a shift in the market structure as the bear is squeezed and flows toward ETH. It could be higher if the bulls remain in control for the short term and the price remains above $2,200. However, if the price is slightly below the $2,200 quantity, we can see a backtrack in the $2,000-2,100 range before the recovery is higher.
Featured images from DALL-E, charts from TradingView
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